CtCondo Boards Giving Property Managers Blank Checks

The Connecticut General Assembly tried to do a good thing by putting limits on how much money property managers can write checks for without prior approval from the board of directors or for requiring the signature of a board member.

Our legislators trusted the boards of directors to set reasonable limits. Big mistake in some complexes where boards of directors went along without questioning why property managers should be able to write $10,000 checks, eliminating a critical safety check.

And that took place as police, courts and accountants attempt now to unravel how a Westport property management employee made off with more than $1,000,000 from at least 9 Fairfield County condo complexes.

The $10,000 issue was brought to light by Linda DeNoia of Norwich, who read the minutes of the New Concord Green condo association which said that based on the request of its property manager it was giving it approval to write up to five digit checks.

To read more.

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1 Comment on "CtCondo Boards Giving Property Managers Blank Checks"

  1. That a majority vote of condo owners regarding the passage of condo budgets is even in question is an insult to any thinking person. Here in Heritage Village ( the largest condo in Ct. ) Neither the board that governs us nor the manager who manages this large condo, has ANY concern for the owners who must pay the bills here. Almost 20 years of constant increases has hurt many elders living here, especially those long term owners on fixed incomes. It is nothing but elder abuse. Not enough that their investment has taken a hit with the condos going for so much less than they paid, that is if they can sell them, but the fact that the Village is 45 years old. is poorly constructed and needs good management to keep it in repair. Our governance wants to keep adding expensive additions to entice future buyers, has about 55 vehicles running about which cost our money to buy & run. WE are I believe the only condo having a union, which is a true hardship for us to support. We have this union because the help were treated badly by those governing the condo years ago. Today we owners must pay the price which includes retirement pensions, This is all well & good, but in a retirement community on fixed incomes who can not pass on the costs. Heritage Village will implode before long, and it will become a State problem. The only help will come IF and when the unit owners can controle maintenance costs with their vote, Just as any election does.

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